Crypto Biz: Wall Street is marketing Bitcoin for us, Feb. 3-9
A lot has changed since I first started covering Bitcoin (BTC) in 2012. A market once relegated to the deepest corners of the internet has now spawned a global revolution that has forced corporations and governments to form an opinion on digital assets. Now, Wall Street is chiming in, with analysts at major banks increasingly convinced that crypto is a maturing asset class with long-term potential.
That was the general takeaway of a new report from Wells Fargo’s research division. The report’s bullish undertones are truly remarkable when you consider how big banks treated Bitcoin just a few years ago. Perhaps they learned not to take cues from Jamie Dimon, whose JPMorgan Chase was outed for massive money laundering in 2020. But please tell me how Bitcoin is so dangerous.
This week’s Crypto Biz explores Wells Fargo's report and other business stories from the world of blockchain. To get a full breakdown of the top weekly news, register for the newsletter at the very bottom of the page.
Related: Binance invests $200M in Forbes to boost consumer knowledge on Bitcoin
In a report titled "Cryptocurrencies — Too early or too late?" released on Monday, Wells Fargo described the merits of investing in digital assets, going as far as comparing Bitcoin to the internet in the early-to-mid 1990s. While this comparison would usually invoke a recommendation to buy digital assets, Wells Fargo said there’s no reason to FOMO into the market given that the space is “relatively young” and has a lot of room to grow. But the writing is on the wall: the banking giant seems to believe that exposure to crypto is a very, very good investment. As it turns out, Wells Fargo began bending the knee to crypto roughly one year ago:
Banking giant Wells
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